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Performance and maintenance guarantees shall be provided by a variety of means including, but not limited to, the following:
(a) Security Bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in the state.
(b) Letter of Credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.
(c) Escrow Account. The applicant shall deposit cash in escrow with a bank. Interest earned in this account is payable to the developer.
(d) Property. The applicant may provide as a guarantee land or other property.
(e) Subdivision Improvement Guarantee. An applicant may provide as a guarantee a subdivision improvement agreement between the applicant, lender, and local government.
(Ord. 263-91. Passed 11-12-91.)